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Enterprise File Synchronization and Sharing (EFSS) Market Trends

Report ID: GMI8646
Published Date: Mar 2024
Report Format: PDF

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Enterprise File Synchronization and Sharing Market Trends

An emerging trend in the Enterprise File Synchronization and Sharing (EFSS) industry is the integration of advanced Artificial Intelligence (AI) and Machine Learning (ML) technologies to enhance security, automate workflows, and improve user experiences, further driving efficiency and productivity in file synchronization and sharing processes.

For instance, in August 2023, Google introduced three new cloud storage options: Cloud Storage FUSE, Parallelstore, and NetApp Volumes. These offerings enhance cloud storage capabilities, catering to various needs such as supporting AI applications, parallel file systems for demanding AI and High-performance Computing (HPC) applications, and providing additional storage solutions. The introduction of these options reflects Google's commitment to expanding and improving its cloud services to meet the evolving demands of users.

A notable trend in the enterprise file synchronization and sharing market is the rising demand for solutions that offer seamless file sharing capabilities. As businesses expand globally and collaborate with diverse stakeholders, the need for efficient and secure data exchange becomes paramount. EFSS platforms are evolving to provide seamless integration with various applications and devices, facilitating frictionless sharing experiences across teams and partners. This trend underscores the importance of user-friendly interfaces, robust security measures, and interoperability, fueling the development of innovative EFSS solutions tailored to modern collaboration requirements.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of enterprise file synchronization and sharing (EFSS) reached USD 9.8 billion in 2023 and is set to expand at over 23.5% CAGR between 2024 and 2032, led by the growing trend of remote work, accelerated by global events.

Enterprise file synchronization and sharing market from the cloud segment is expected to account for 65% revenue share by 2032, as organizations are migrating to cloud-based solutions to leverage scalability, flexibility, and cost efficiency.

North America market accounted for more than 33% revenue share in 2023, owing to the growing adoption of hybrid cloud solutions in the region.

Some of the top players operating in the industry are Box, Inc., Citrix Systems, Inc., CTERA Networks Ltd., Dropbox, Inc., Egnyte, Inc., Google LLC, International Business Machines Corporation, Micro Focus, Microsoft Corporation, and Syncplicity LLC.